Sen. Barbara Boxer is calling for an investigation into the oil industry after seeing a videotape of a refinery executive saying that tight supplies were driving up prices and profits.
Hank Kuchta, the president and chief executive officer of Premcor, a petroleum refinery company, made the comments while receiving an award last month for refiner of the year…
A crew from San Francisco television station KGO was at the luncheon and taped the speech. They then showed it to Boxer. “I’m really angry,” Boxer said. “I’m upset that these oil companies, these refiners, they don’t care about anyone but themselves and the bottom line, and I hope this tape makes them pay a price for this.”
Memo to Senator Boxer: All businesses exist to make a profit. They all want to make as much profit as they can. That’s the system that makes America prosperous, you pinko. How does a woman that doesn’t have the slightest understanding of basic economics become a U.S. Senator? Wait, dumb question, the senate is full of such people.
We pay more for a cup of coffee at Starbucks than for a gallon of gasoline. Why doesn’t Ms. Boxer launch an investigation of that?
There’s no evidence of apparent collusion in the speech by refinery executive Mr. Kuchta. He seems to have made a basic point that it would be bad for their business to ramp up production too much, too fast, and invest in a lot of new plant and equipment that would increase their costs and simultaneously drive down their income. The free market at work, Congress must act!
And how about those ‘unbiased’ journalists taping the refinery executive’s speech and then making a beeline over to Senator Boxer’s office to show her the tape? Classic.